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READYCASH MOBILE MONEY Factsheet Cashflow

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13 views

READYCASH MOBILE MONEY Factsheet Cashflow

ready for cash

Uploaded by

nazmul.ntsrn4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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READYCASH®

TITLE TEXT
Fact Sheet

What is ReadyCash®
ReadyCash® is a CBN-licensed mobile payment service that provides
individuals with a convenient way to create & manage electronic wallets
(virtual accounts) where they can store money (mobile money) and
execute transactions. In addition, customers can make payments for
goods and services (utility bills, phone recharge, and merchant
payments) from their mobile phone, anywhere within Nigeria. It meets
with global security best-practices and CBN regulatory requirements for
the delivery of mobile payment services in Nigeria.
The increased availability of electronic channels for financial exchange represents a bottom-up approach
for dealing with the overwhelming cash exchange situation in Africa. Services provided either directly or
through dealers/agents, account for a significant proportion of the overall volume of cash transactions.
Many of these services affect a great number of banked, under-banked and unbanked Africans; making
this segment a very key sector for introducing a paradigm shift by way of the bottom-to-top strategy.

ReadyCash® - Fact Sheet


Key Features of CASHFLOW®
Virtual Account/eWallet Management: Individuals are able to easily create a virtual account (eWallet) that is
uniquely identified by their mobile phone number. Thereafter, funds must be deposited into this wallet through
different channels such as; bank branches, online payments, funding at agent locations, etc and stored as electronic
value.

Account Management: ReadyCash supports administration of wallets created on the virtual account system,
facilitating enquiries such as Account Balance, Mini statement and Full Statement. In addition, users are able to
manage their Personal Identification Number (PIN) and Secret Word which serve to authorize transactions initiated
on ReadyCash.

Funds Transfer: As long as electronic value is available on ReadyCash wallets, subscribers will be able to initiate
transfers from their mobile phone to a recipient of their choice, by specifying the recipient’s mobile phone number or
bank account number. The recipients can either choose to pick up the transferred funds from accredited ReadyCash
Agent Outlets or in the case that they are registered ReadyCash users, leave the funds in their own wallets such that
they can execute transactions of their own. In other words, ReadyCash supports;
• Transfer of funds to Registered individuals
• Transfer of funds to Un-registered individuals
• Transfer of funds to bank.

Merchant Payments, Bills Payments and Other Purchases


The ReadyCash service also allows enrolled members spend the funds in their wallets in a variety of ways such as;
• Payment of bills (utility bills, pay TV etc).
• Purchase of airtime pins.
• Payments to ReadyCash merchants.
• Payments for other goods and services that support the ReadyCash payment scheme.
These payments are settled to corresponding Merchants’ and Billers’ bank account at Settlement time.

ReadyCash® - Fact Sheet


Key Features of CASHFLOW® continued

Agent Banking: ReadyCash customers (registered or


unregistered) are able to deposit funds into their bank
accounts domiciled at Partner banks, either through the
ReadyCash front-end application (for registered customers)
OR at ReadyCash Agent Locations (for un-registered
customers). In the same manner, ReadyCash supports
withdrawal of cash from bank accounts domiciled at Partner
Banks, with termination of such transactions at ReadyCash
Agent locations.

Mobile Banking (m-Banking): ReadyCash customers


(registered) are able to transact with their bank accounts
domiciled at Partner banks, through the ReadyCash front-
end application. Through a secure integration to Partner
banks, customers are able to initiate payments (bills
payments, merchant payments, airtime recharge) and
transfers from their bank account, via the front-end
application. Account enquiries such as Mini-Statement and
Balance Enquiry on bank accounts, can also be made via the
application.

ReadyCash® - Fact Sheet


Key Benefits
Customers
• Secure means of storing value in such a way that it is easily accessible for transacting when needed especially for
Individuals without bank accounts (unbanked) or without easy access to their bank accounts (underserved).
• Uses mobile phone technology which is more or less ubiquitous in Nigeria thus service availability is almost
guaranteed.
• Access to a variety of services such as funds transfer and bills payment through a convenient and secure interface
• Access to a variety of secure channels through which they can spend the stored value in their wallets in exchange for
goods and services (web, self service kiosks, ATMs etc).
Agents
• Extra revenue is earned from enrolling customers, pay-in and pay-out transactions.
• Solves the perennial cash handling problem that plagues most retail outlets as they can convert the cash they have
on hand to stored value with ReadyCash by paying out for ReadyCash.
• Provides agents with an opportunity to sell other services to the customers (up selling and cross selling
opportunities).
Banks
• Provides access to funds within the unbanked section of the economy.
• Provides revenue from float paid as deposits into ReadyCash wallets.
• Revenue is earned from commission paid for certain transactions executed at the bank’s premises.
Mobile Network Operators (MNOs)
• The ReadyCash service relies on secure Short Messaging Service (SMS) protocol as well as the GPRS services provided
by the MNOs to whom the end users subscribe.
• Revenue is earned through GPRS and SMS charges.
Corporates, Billers and Merchants
• Merchants (businesses) accept payments securely from their customers.
• Access to a larger market, via an additional channel – ReadyCash.
• Increase in customer base while leveraging existing relationship/integration to their bankers.

ReadyCash® - Fact Sheet


Relevant
Business Needs
• Digital Banking Services
• Financial Inclusion

ReadyCash® - Fact Sheet


Relevant Business
Segment
• Bottom of the Pyramid (BOP) banking

ReadyCash® - Fact Sheet


About Parkway
Parkway is a leading financial technology provider creating modern banking experiences, proudly developed
by Africans and delivered through Africa’s leading banks to businesses and individuals across the continent.
Parkway provides simple, intuitive, end-to-end corporate, retail and transaction banking solutions. Our core
platform and service offering for government agencies, large corporates and small / medium enterprises
(SME) enables our partner banks expand market share and build stronger relationships with businesses
across the continent. Our youth banking and bottom of the pyramid (BOP) banking offerings take consumer
engagement to a whole new level creating compelling opportunities for customer acquisition, retention and
dominance in the African retail banking space.

ReadyCash® - Fact Sheet

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